Rating action          MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM320.0 million Sukuk Ijarah with a stable outlook. KEV owns and operates the Kapar Power Station (KPS), comprising three generating facilities (GF) with a combined nominal capacity of 2,200MW.Rationale          The aff...

Rating action          MARC Ratings has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook. Total outstanding under the sukuk as at end-June 2024 is RM420 million.RationaleSAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns 80% of Ranhill SAJ Sdn Bhd, the exclusive provid...

Rating action          MARC Ratings has affirmed its A+IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding RM172.3 million Green Sustainable and Responsible Investment (SRI) Sukuk. The outlook has been revised to stable from positive. UiTM Solar is a project company incorporated to develop a 50MWac solar power plant in Gambang, Pahang.RationaleThe affir...

Rating action          MARC Ratings has affirmed its ratings on port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme of MARC-1IS and AA-IS, and revised the outlook on the long-term rating to positive from stable. The programmes have a combined aggregate limit of RM1.0 billion and the current...

Rating action          MARC Ratings has assigned a preliminary rating of AAIS to Berapit Mobility Sdn Bhd’s (BMSB) Sustainability Islamic Medium-Term Notes Programme (sukuk programme) of up to RM1.5 billion. The outlook on the rating is stable.          Rationale      The rating reflects the size and predictability of the...

Rating action          MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. There is no further drawdown expected, but any drawdown will require a reassessment of the rating. The outstanding amount currently stands at RM70.0 milli...

Rating action          MARC Ratings has affirmed its AA-IS rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) outstanding RM3.64 billion Sukuk Wakalah.  The rating outlook has been revised to negative from stable. DUKE 3 is the concessionaire for the 32-km Setiawangsa-Pantai Expressway (SPE) that connects Middle Ring Road 2 (MRR2) at Wa...

Rating action          MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. RationaleTNB’s strong credit profile reflects its monopoly on electricity transmission in Peninsular Malaysia and Sabah, its status as the largest domestic electricity producer, distributor and retailer, and the favourable Ince...

Rating action          MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar Power Dua) outstanding RM87.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. UiTM Solar Power Dua owns and operates a 25MWac solar power plant in Pasir Gudang, Johor.RationaleThe affirmed rating reflects the strengt...

Rating action          MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme (Senior Sukuk). Concurrently, the rating agency has also affirmed its A-IS rating on the group’s RM1.0 billion Subordinated Perpetual Islamic Notes Programme (Perpetual Sukuk). The two-notch rating differential betwe...